The Federal Government has successfully concluded the pilot phase of its N250 billion Real Estate Investment Fund (MREIF), with full subscription secured under an initial N100 billion issuance tranche.
The Ministry of Finance Incorporated, MOFI, said the fund had attracted strong private sector participation, positioning it as a key tool to bridge Nigeria’s housing finance gap.
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MOFI’s Executive Director, Sani Yakubu, said the fund is designed to offer competitive returns while providing long-term, low-cost mortgage financing.
Finance Minister Wale Edun described the full subscription as a vote of investor confidence, while MOFI’s Managing Director, Dr Armstrong Takang, said the scheme would provide mortgages with up to 20-year repayment terms and interest rates as low as 12%.
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